Google’s Executive Chairman Eric Schmidt received $109mn Pay Package in 2014
Despite slump in Google’s stock, the company paid its billionaire Executive Chairman Eric Schmidt a handsome amount of $109 million last year. The compensation mostly consisted of stock valued at $100 million. The stock package last year was the largest being paid to Schmidt since 2011 when he received from Google a bundle valued at $94 million. It was the time when he handed over the CEO rein to company co-founder Larry Page.
It has also been learnt from documents filed with regulators on Thursday that Page and the company's other founder, Sergey Brin, went ahead with limiting their 2014 pay to $1 each, which was no surprise as they have been doing this for years.
Google’s chairman Eric Schmidt withdrew a $109 million pay package in 2014. Schmidt also earned a $1.25 million salary, a $6 million bonus and perks valued at nearly $1 million.
The amount of money he made last year was over five times than what he did in 2013 when his Google compensation was valued at $19.3 million.
The significant rise in his pay package was surprising because it was given to him when the company witnessed 5% drop in its stock and concerns were also raised by investors over Google’s big spending on far-flung projects.
Analysts were also doubtful if Google would manage to maintain its reputation in the world of Internet search as people are increasingly using smartphones to access digital content instead of personal computers.
According to Forbes, Schmidt, 59, is one of the richest people in the world. His wealth has been estimated at $9bn. Most of his fortune has come from accumulation of Google stock that he started after becoming the Mountain View, California, company's CEO in 2001.
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